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The Russian Government has approved a list of 25 countries where foreigners will be able to open accounts in Russian banks

20 октября 2023
42

The Russian Government has approved a list of countries whose banks can remotely identify foreign clients to open accounts and cards for them in Russian credit institutions. Both foreign citizens and legal entities will be able to pass identification.

The list includes states in which foreign banks and other financial organizations are registered. The list includes 25 countries, including Algeria, Armenia, Azerbaijan, Bahrain, Belarus, Brazil, China, Egypt, India, Indonesia, Kazakhstan, Kyrgyzstan, Kuwait, Malaysia, Mongolia, Oman, Pakistan, Qatar, Saudi Arabia, Tajikistan, Thailand, Turkmenistan, Turkey, United Arab Emirates and Uzbekistan.  

Apart from opening accounts, financial organizations of these countries will also be able to carry out identification of citizens and companies for operations in the Russian financial market.

In June 2023, the Russian parliament approved a legislation, allowing Russian banks to remotely open accounts for foreign companies and citizens and issue cards to them. After passing the identification procedure in his/her home country, the foreign client will be able to remotely open an electronic account with a Russian bank and, upon arrival in Russia, receive a bank card.

Nadmitov, Ivanov & Partners Law Firm provides a wide range of services on the legal support of financial transactions.

Email: info@nplaw.ru
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